Finland’s government has planned to donate Bitcoin (BTC) sized from criminal operations to Ukraine. As of the ongoing war situation, Finland is trying to support Ukraine from ongoing Russia’s invasion. As per a local media outlet report, the Finnish government has amassed BTC 1,981 (roughly Rs. 600 crores).
The government of Finland sized bitcoin by customs officials in various cases like investigations related to crimes such as drug trafficking and suppling. Since then, the country’s courts have ordered the transfer of the Bitcoin in question to the state, which is now looking to trade the coins for cash.
As per Finnish media outlet Helsingin Sanomat, the sources did not rule out handing its stash of Bitcoin directly to Ukraine. One of the newspapers of Finland has stated that the sale of bitcoin to be donated to Ukraine is to been yet decided. However, according to the same undisclosed sources, the decision to actively use the Bitcoin holdings to help Ukraine has already been taken.
As the war situation is growing, many countries have already come to help Ukraine, and so Finland does, just by deciding on donating their sized bitcoin to Ukraine.
As of April 14, the Ukrainian government had spent over €42.7 million of its crypto donations, including around €13.5 million on drones, 5.3 million on helmets and body armor, and €1.7 million on unspecified “lethal equipment,” according to the Aid for Ukraine website.
However, Finland’s donation will not come in the form of a direct Bitcoin transfer. According to Helsingin Sanomat, Finnish law stipulates that Customs must sell seized goods and transfer the money to the State. Figures in government also feared that carrying out a transaction in crypto could carry the unwelcome connotations of criminal activity, Helsingin Sanomat reported.
- Let’s wait and watch the ongoing situation of the Russian and Ukraine conflict
- And how Finland arrived for help, let’s hope others do.